IGM Financial Exceeds Expectations with First Quarter 2024 Earnings EPS

IGM Financial (TSE:IGM) has released its first quarter 2024 financial results, showing a decrease in key metrics compared to the same period last year.

The company reported revenue of CA$891.8m, down 12% from the first quarter of 2023. Net income also saw a significant decline, dropping 41% to CA$223.4m. The profit margin decreased from 37% in 1Q 2023 to 25% in the current quarter, primarily due to lower revenue. Earnings per share (EPS) came in at CA$0.94, down from CA$1.59 in the previous year.

Despite the decline in financial performance, IGM Financial managed to beat analyst expectations for EPS by 4.8%. Looking ahead, the company is expected to see a further decline in revenue over the next three years, while the Capital Markets industry in Canada is projected to experience growth.

The company’s shares have seen a positive trend, with a 11% increase from a week ago. Investors are advised to consider the company’s balance sheet strength in addition to earnings performance.

For more detailed analysis on IGM Financial’s balance sheet health, readers are encouraged to visit Simply Wall St. As always, readers are reminded that the information provided is based on historical data and analyst forecasts, and does not constitute financial advice.